I would agree with that, also has your collen't lvl dropped when you did this test and was it the smell of buring oil, or something a little diffrent, maybe you blew a seal ect and collant or oil is landding on warm headers.... just some thoughts!

If the compression is equal across all 4 cylinders it's not a bad head gasket. I believe that engine should be somewhere around 200 PSI normally so it looks like you have worn piston rings which would also explain the smoking at higher revs. If it was a bad head gasket you would see one or two cylinders with very low compression compared to the rest.

If you want to confirm that it's the piston rings do a wet compression test as well. First do a standard compression test like you did before and record all the numbers. Then put a little bit of oil into each of the spark plug holes. Turn the engine over a few times and repeat the same compression test again. Chances are your numbers will jump up to around 200 PSI. If they do that means your piston rings are worn. The reason behind this is that the oil helps the worn rings to seal against the cylinder walls and will put your compression back close to factory spec. Note that it will not fix your problem it's just a means to diagnose worn rings. As soon as you start the engine again it will burn up the oil and you'll be back to where you were.

Air in the cooling system will cause that.. try taking your radiator cap off and letting the car warm up to release any air trapped in the system. If that engine has an IACV it could also cause the bouncing idle, but bleed the cooling system first and see what happens.